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raising the debt ceiling does not authorize more spending. it simply allows the country to pay for spending that congress has already committed to. these are bills that have already been racked up. and we need to pay them. so while i'm willing to compromise and find common ground over how to reduce our deficits, america cannot afford another debate with this congress about whether or not they should pay the bills they have already racked up. but to even entertain the idea of this happening, of the united states of america not paying its bills is irresponsible. it is absurd. the full faith and credit of the united states of america is not a bargaining chip. and they had better choose quickly because time is running short. >> house republicans continued to threaten to use the debt ceiling as a bargaining chip. house republican conference chairwoman kathy rogers told "political" i think it is possible we would shut down the government to make sure that president obama understands that we're serious. well, i guess that would do it. we always talk
raising the debt ceiling does not authorize more spending. it simply allows the country to pay for spending that congress has already committed to. these are bills that have already been racked up. and we need to pay them. so while i'm willing to compromise and find common ground over how to reduce our deficits, america cannot afford another debate with this congress about whether or not they should pay the bills they have already racked up. but to even entertain the idea of this happening, of...
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the debt ceiling is announcing the amount of money the states can borrow. today the president responded to some republicans who say they are willing to shut down the government if the president doesn't back down. ultimately congress makes decisions about whether or not we spend money and keep the government open. if they decide they want to shut down the government in order to get their way they have the votes in the house of representatives to do that. i think that would be a mistake. >> john boehner responded the american people do not support raising the debt ceiling without reducing government spending statement. wendell, a government shut down, is that something that really might happen? neither side is ready to blink yet. he has laid out they are ready to compromise if possible that could lead to a government shut down although probably not right away. president obama suggested right before the u.s. the people at home might be told they have to wait for their money. >> if congressional republicans refuse to pay america's bills on time social security
the debt ceiling is announcing the amount of money the states can borrow. today the president responded to some republicans who say they are willing to shut down the government if the president doesn't back down. ultimately congress makes decisions about whether or not we spend money and keep the government open. if they decide they want to shut down the government in order to get their way they have the votes in the house of representatives to do that. i think that would be a mistake. >>...
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but they want it separated from debt ceiling. >> let's talk about this debt ceiling thing, howard. do you think the press objectively can report the way the president tried to sell it, which is if this government can't pay its debts, refuses to pay it because of the debt ceiling, is that the republican decision or is it going to be played, conflict in washington, gridlock, both parties to blame? >> well, the president said in the press conference i think people will blame all of washington, but he didn't mean it. and he doesn't believe it. he thinks, and i think rightly thinks, that the political onus will be on the republicans. the president said we aren't a deadbeat nation, which is one of many great quotes in that press conference. >> i like that word, deadbeat. >> we aren't a deadbeat nation, and he said the republicans will turn us into a deadbeat nation if they do what they're threatening -- >> if somebody else objects to the question, if there's a different answer, i'll accept it. did the democrats ever play the game of not paying the bills of the united states government as
but they want it separated from debt ceiling. >> let's talk about this debt ceiling thing, howard. do you think the press objectively can report the way the president tried to sell it, which is if this government can't pay its debts, refuses to pay it because of the debt ceiling, is that the republican decision or is it going to be played, conflict in washington, gridlock, both parties to blame? >> well, the president said in the press conference i think people will blame all of...
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when you talk about raising the debt ceiling. getting a proper deal done there, is there any such thing as a band-aid o is it basically a do or die? >> it was much more complicated because it has hat add lod more debting. you have to remember this is about paying for the bills we've already obligated ourselves to play. >> it's a lost opportunity to fix other things, wouldn't you say? >> well, i don't view it as an opportunity. i view it as an opportunity to avoid catastrophe. the point i make in the article is if we must have this biggar maggetten like battle, let's hold it up over the budget when the continuing resolution expires and have it then when the consequences while not grak are not nearly as dire. >> you know, professor, you point out what i think is the biggest problem in your piece and know note thatted if real receipts only cover 74% of the outlay. in other words we're not paying enough to pay our bills but the 26th fan you mgs mentioned. that ice a problem. >> it's very, very unstatus inl. when i did this calculatio
when you talk about raising the debt ceiling. getting a proper deal done there, is there any such thing as a band-aid o is it basically a do or die? >> it was much more complicated because it has hat add lod more debting. you have to remember this is about paying for the bills we've already obligated ourselves to play. >> it's a lost opportunity to fix other things, wouldn't you say? >> well, i don't view it as an opportunity. i view it as an opportunity to avoid catastrophe....
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we will meet our obligations on our debt regardless of the debt ceiling. we will not default. that is an absolute, we will not default. the idea that we will if we don't raise the debt creel something an absolute flat out myth. >> gretchen: what else did he say you didn't agree with? >> the use of the expression, dead beat nation, that really is talking down america. the president is encouraging congress, encouraging america to pay its bills using a credit card to pay its bills, using borrowed money to pay its bills. that credit card will never be paid off and the balance on it will never be paid down. that is dead beat behavior and that should be pointed out. by using that expression, the president is talk down america. we stand not as tall in the eyes of the world when the president uses that kind of language. >> gretchen: could it also be he was talking down to republicans because he thinks right now that he has the majority of the american people on his side? to me, his words, whether or not they're true, resonate with some americans because he simplifies his message and d
we will meet our obligations on our debt regardless of the debt ceiling. we will not default. that is an absolute, we will not default. the idea that we will if we don't raise the debt creel something an absolute flat out myth. >> gretchen: what else did he say you didn't agree with? >> the use of the expression, dead beat nation, that really is talking down america. the president is encouraging congress, encouraging america to pay its bills using a credit card to pay its bills,...
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raise the debt ceiling or risk a u.s. downgrade. >> markets are in a holding pattern until the debt ceiling fight is over and the backdrop for the fitch warning is quite different this time around, and pete will explain why in just a moment. just said to you during the break. a heck of a holding pattern if that's what the market is in. plenty of sectors hitting new highs right now. no question about it. this is the year that we springboard up now. not just to climb the wall of worry. get through the debt ceiling debate, continuing resolution. it's going to be bumpy. we'll take full advantage of a market falldown during that period because you've got three main things going for you. housing turning for real, not just an inventory real liquiification and foreclosures. all that have stuff turning for real. it will turn into unemployment back half of the year. a little better transparency on fiscal policy. not necessarily the fix but the transparency. business cap "x" second half of the year and every single central bank in t
raise the debt ceiling or risk a u.s. downgrade. >> markets are in a holding pattern until the debt ceiling fight is over and the backdrop for the fitch warning is quite different this time around, and pete will explain why in just a moment. just said to you during the break. a heck of a holding pattern if that's what the market is in. plenty of sectors hitting new highs right now. no question about it. this is the year that we springboard up now. not just to climb the wall of worry. get...
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trimg the deficit should be separate from the debt ceiling. >> raising the debt ceiling does not authorize us to spend more. all it does is a america will pay its bills. we are not a deadbeat nation. >> john boehner said the american people do not support raising the debt ceiling without reducing government spending at the same time. >> listen to this. a medical scare in a buffalo, new york veteran's hospital. many may have been exposed to hiv. the pens are designed to be used by one person, but many of them were used on multiple people. >> surfers, beware. you have to look at this video. it's shocking. >> standing on the shore? >> he has his toes in the water. two sharks were spotted dangerously close to shore in honolulu. this was off of oahu. they are like ten feet offshore. >> i will call him a dingaling if he is in the water. >> he's a hero. >> there is flooding and ice. from the weather center, you said snow is on the way as well? >> that's right. it's coming to you guys. it's coming into a north and west of new york into connecticut as well. that's not today's concern. we have the s
trimg the deficit should be separate from the debt ceiling. >> raising the debt ceiling does not authorize us to spend more. all it does is a america will pay its bills. we are not a deadbeat nation. >> john boehner said the american people do not support raising the debt ceiling without reducing government spending at the same time. >> listen to this. a medical scare in a buffalo, new york veteran's hospital. many may have been exposed to hiv. the pens are designed to be used...
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this time it's called the debt ceiling debate. former senator alan simpson is co-founder of the campaign to fix the debt and the former debt commissioner co-chair. he's been an outspoken advocate of getting our spending under control, and he joins us right now in a cnbc exclusive. senator, good to have you on the program. thanks for joining us. >> it's a pleasure always doing that with you. >> we've read simpson/bowles. know you recommend spending cuts, but do you believe the gop should be using the debt ceiling as a leverage point to get to the president to agree to the cuts? >> i think that would be a grave mistake. i don't think that would solve anything. i know they are going to try it, and how far they will go with the guam of chicken, i have no idea, but i can tell you can't -- you really can't -- this is stuff that we've already indebted ourselves. i mean, if you're a real conservative, really honest conservative without hypocrisy, you would want to pay your debt, and that's what this is. they are not running up anything ne
this time it's called the debt ceiling debate. former senator alan simpson is co-founder of the campaign to fix the debt and the former debt commissioner co-chair. he's been an outspoken advocate of getting our spending under control, and he joins us right now in a cnbc exclusive. senator, good to have you on the program. thanks for joining us. >> it's a pleasure always doing that with you. >> we've read simpson/bowles. know you recommend spending cuts, but do you believe the gop...
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ceiling to avoid a potentially disastrous debt default. >> raising the debt ceiling, which congress has to do periodically, gives the government the ability to pay its existing bills. it doesn't create new deficits. it doesn't create new spending. so not raising the debt ceiling is sort of like a family which is trying to improve its credit rating saying oh, i know how we can save money we won't pay our credit card bills. not the most effective way to improve your credit rating. >> but the chairman was fairly upbeat on the outlook for u.s. growth. but, gave no clear hints on when the fed would curb its aggressive bond purchases. we'll have more on the debt ceiling in the next hour when we speak to senator rob portman. you guys, wilbur, you also said we have -- we are fully ready with inflation, we have all the tools we need to exit. >> well, i caution a little bit. historically the fed has always bought short-term paper and it's easy then to raise the interest rates. again you let the paper roll off, you sell it. now they've been buying long-term paper. rates start to go up, fed cou
ceiling to avoid a potentially disastrous debt default. >> raising the debt ceiling, which congress has to do periodically, gives the government the ability to pay its existing bills. it doesn't create new deficits. it doesn't create new spending. so not raising the debt ceiling is sort of like a family which is trying to improve its credit rating saying oh, i know how we can save money we won't pay our credit card bills. not the most effective way to improve your credit rating. >>...
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could hit the debt ceiling as soon as mid-february. joining me now, host of "power lunch," tyler matheson. good to see you again. >> hi, tamron. >> we have the threat of our credit rating being downgraded here as wall street keeps an eye just like people at home what's happening in d.c. with the latest battle. >> this is really the biggy. compared with the fiscal cliff which was by all accounts a roughly familiar tax and spending debate, this one has far more import because it will determine whether among other things the united states continues to make good on the obligations it has already undertaken. interest and principal on the debt we have borrowed. our credit rating which was so famously downgraded in the summer of 2011 hangs in the balance here. and of course, people on both sides of the aisle are fighting over whether it is fair game to use the debt ceiling as a piece of political leverage to get the government to stop its spending. on the one hand, people on the right say, well, what else are we going to use? we are engaging
could hit the debt ceiling as soon as mid-february. joining me now, host of "power lunch," tyler matheson. good to see you again. >> hi, tamron. >> we have the threat of our credit rating being downgraded here as wall street keeps an eye just like people at home what's happening in d.c. with the latest battle. >> this is really the biggy. compared with the fiscal cliff which was by all accounts a roughly familiar tax and spending debate, this one has far more import...
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to reduce the debt ceiling, we talked to businesses outside of new york, if we don't raise the debt ceiling, it's a potential, reality for wrecking -- >> that's the wrong time. >> the debt ceiling is the wrong time to do it. >> saying you can't do it with the debt ceiling, can't do it with the fiscal cliff, can't do it shutting down the government. all i'm talking about, the president of the united states has absolutely no is in no position to talk about who's being reckless with the debt. the real default has come from his lack of leadership on deficits and debts. the federal deficit has been over a trillion dollars all four years he's been president of the united states. he's done absolutely nothing to curb the costs of these programs that will, according to democra democrats -- >> hmm. >> bankrupt us. what has harry reid rand democrats done in the senate? absolutely nothing. how many days since they passed a budget? >> 1,357. >> 1,357 days since democrats have passed a budget in the united states senate. >> let's talk about that lack of leadership so many people have criticized the presi
to reduce the debt ceiling, we talked to businesses outside of new york, if we don't raise the debt ceiling, it's a potential, reality for wrecking -- >> that's the wrong time. >> the debt ceiling is the wrong time to do it. >> saying you can't do it with the debt ceiling, can't do it with the fiscal cliff, can't do it shutting down the government. all i'm talking about, the president of the united states has absolutely no is in no position to talk about who's being reckless...
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but when it comes to the debt ceiling, the debt ceiling, by definition, isn't about authorization new spending. it is about paying the bills that we have already racked up. so are you just trying to say that you want to have this conversation together, at the same time? >> this is about, this is -- raising the debt ceiling is like raising your credit card limit. and historically, this has been a debate. you look over the last four presidents in this country, and there's been a debate, every time, it has come to raising the debt ceiling. because there's a recognition, for years now, that the federal government has been spending way more than it should, way beyond its means, much more than it's actually bringing in. and now, it is -- we cannot continue to kick this can down the road. we've come to the end of the road. it is time for us to stop spending money we don't have. >> former republican speaker newt gingrich is not exactly conflict averse, i think you'd agree, and he has warned the house republicans not to take up this debt ceiling fight. listen. >> asking barack obama not to be
but when it comes to the debt ceiling, the debt ceiling, by definition, isn't about authorization new spending. it is about paying the bills that we have already racked up. so are you just trying to say that you want to have this conversation together, at the same time? >> this is about, this is -- raising the debt ceiling is like raising your credit card limit. and historically, this has been a debate. you look over the last four presidents in this country, and there's been a debate,...
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the big concern is debt ceiling talks in washington. federal reserve chairman ben bernanke says the debt ceiling law should be scrapped all together and outgoing treasury secretary tim geithner sent a letter to congress urging action, warning the treasury would run out of measures in february to keep the bills being paid on time. we're seeing some big moves in tech stocks, pc maker dell could go private, pushing the stock up in the premarket this morning, the rumors pushed the stock up 13% yesterday. dell's been struggling for years, once the pc king, it failed to get into the tablet and smartphone space and apple shares dived when it was a report iphone 5 sales could be falling off. >> that's surprising. >> if you look at my friends everybody likes the bigger screen. >> i thought you were going statistics. >> it's everything to do with samsung and less what the iphone looks like. >> people seem to like the bigger screens. i-phone is a tiny, tiny screen. >> can i get you on the record, in the end, will house republicans agree to raise t
the big concern is debt ceiling talks in washington. federal reserve chairman ben bernanke says the debt ceiling law should be scrapped all together and outgoing treasury secretary tim geithner sent a letter to congress urging action, warning the treasury would run out of measures in february to keep the bills being paid on time. we're seeing some big moves in tech stocks, pc maker dell could go private, pushing the stock up in the premarket this morning, the rumors pushed the stock up 13%...